Russia to Lower Lending Rates, Increase Reserve Requirements

MOSCOW -- The Russian central bank said Thursday it will lower key lending rates as of Friday, and will increase the minimum reserve requirements on all deposits as of May.

In a widely expected move, the central bank said it will lower its refinancing rate 0.5% to 12.5% and will lower other lending rates, including the rate for short-term Lombard loans by 0.5%, as of Friday.